Short Interest in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Drops By 9.9%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) saw a significant drop in short interest in November. As of November 15th, there was short interest totalling 25,020,000 shares, a drop of 9.9% from the October 31st total of 27,760,000 shares. Based on an average trading volume of 1,950,000 shares, the short-interest ratio is presently 12.8 days.

Insider Activity at Arcutis Biotherapeutics

In other news, SVP Larry Todd Edwards sold 3,725 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $10.01, for a total transaction of $37,287.25. Following the transaction, the senior vice president now directly owns 136,635 shares of the company’s stock, valued at $1,367,716.35. This represents a 2.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO David Joseph Topper sold 11,626 shares of the stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total value of $110,214.48. Following the sale, the chief financial officer now directly owns 158,374 shares in the company, valued at $1,501,385.52. This trade represents a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,951 shares of company stock valued at $645,044 over the last 90 days. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Hedge funds have recently bought and sold shares of the stock. Rubric Capital Management LP raised its stake in shares of Arcutis Biotherapeutics by 30.7% in the second quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company’s stock worth $91,295,000 after buying an additional 2,306,672 shares during the period. Candriam S.C.A. bought a new stake in Arcutis Biotherapeutics during the 2nd quarter worth approximately $12,159,000. Perceptive Advisors LLC lifted its holdings in Arcutis Biotherapeutics by 107.8% during the second quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock valued at $14,494,000 after purchasing an additional 808,500 shares in the last quarter. Suvretta Capital Management LLC boosted its position in shares of Arcutis Biotherapeutics by 7.2% in the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after purchasing an additional 717,019 shares during the period. Finally, State Street Corp increased its stake in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after purchasing an additional 506,788 shares in the last quarter.

Analysts Set New Price Targets

ARQT has been the topic of a number of recent analyst reports. Jefferies Financial Group began coverage on shares of Arcutis Biotherapeutics in a report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ:ARQT opened at $12.42 on Tuesday. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $1.45 billion, a PE ratio of -6.94 and a beta of 1.18. The firm’s 50 day moving average price is $9.77 and its 200-day moving average price is $9.59. Arcutis Biotherapeutics has a twelve month low of $1.89 and a twelve month high of $13.50.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The business had revenue of $44.76 million during the quarter, compared to analysts’ expectations of $38.05 million. Equities research analysts expect that Arcutis Biotherapeutics will post -1.34 EPS for the current year.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.